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by Stockwatch Business Reporter
The TSX Venture Exchange closed up 3.08 points to 733.64 Wednesday. Stephen Davis's first capital pool shell,
Israel Capital Canada Corp. (IL: halted),
plans to acquire two licences from Mr. Davis's
Waveforce Electronics Inc.
for the shell's qualifying transaction. One of the licences is for a device called Wave 1. This is worn on the wrist like a watch, and it emits light pulses and vibrations at specified frequencies, supposedly targeting cells to help the wearer "manage" Lyme disease. The other licence is for Waveforce's frequency technology package. Israel Capital plans to come up with more frequency-based devices.
To acquire the two licences, the shell (or its resulting issuer) must pay $500,000 over two years, including $100,000 on receipt of final exchange approval for the QT.
It must also issue up to 30 million shares to Waveforce, not all at once, but at the rate of four shares per $1 of revenue. Financial information about Waveforce and Wave 1 should arrive when the shell submits a QT filing statement.
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